Mutual Funds

Nuveen Equity Long/Short Fund

Fund Description

The Fund establishes long and short positions primarily in large-capitalization stocks of U.S. companies. The strategy seeks long-term capital appreciation through balancing quantitative analysis with fundamental research in constructing a portfolio of securities of companies that we believe to have above-average growth potential at attractive prices.

Who Should Invest

For investors who are seeking:

Long-term capital appreciation potential from stocks of established companies

To increase return potential and are willing to accept a greater degree of risk associated with short selling strateg

Morningstar Ratings: A Shares

As of date: 6/30/2015
Category: Long/Short Equity

Number of Funds

Ratings

Load Waived Ratings

Overall

175

3 year

175

5 year

96

Morningstar ratings may vary among share classes and are based on historical risk-adjusted total returns, which are not indicative of future results. The fund may have experienced negative returns over the time periods rated.

Morningstar Ratings: B Shares

Morningstar Ratings: C Shares

As of date: 6/30/2015
Category: Long/Short Equity

Number of Funds

Ratings

Overall

175

3 year

175

5 year

96

Morningstar ratings may vary among share classes and are based on historical risk-adjusted total returns, which are not indicative of future results. The fund may have experienced negative returns over the time periods rated.

Morningstar Ratings: I Shares

As of date: 6/30/2015
Category: Long/Short Equity

Number of Funds

Ratings

Overall

175

3 year

175

5 year

96

Morningstar ratings may vary among share classes and are based on historical risk-adjusted total returns, which are not indicative of future results. The fund may have experienced negative returns over the time periods rated.

A Word On Risk

Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Prices of equity securities may change significantly over short or extended periods of time. The Fund sells securities that it has borrowed but does not own (“short sales”), which is a speculative technique. The Fund will suffer a loss when the price of a security that it holds long decreases or the price of a security that it has sold short increases. Losses on short sales arise from increases in the value of the security sold short, and therefore are theoretically unlimited. Because the Fund invests in both long and short equity positions, the Fund has overall exposure to changes in value of equity securities that is far greater than its net asset value. This may magnify gains and losses and increase the volatility of the Fund’s returns. In addition, the use of short sales will increase the Fund’s expenses. More information on these risks considerations, as well as information on other risks to which the Fund is subject, such as frequent trading, futures contract, and large cap stock risks, are included in the Fund’s prospectus.

Returns quoted represent past performance which is no guarantee of future performance. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Due to market conditions, current performance may be higher or lower than the data shown. Returns without sales charge do not reflect the imposition of the maximum sales charge, which would reduce returns. Total returns for a period of less than one year are cumulative.

Performance assumes the reinvestment of dividends and capital gains. Class A shares have a 5.75% maximum sales charge. Class C shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class I shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense ratios are based on management and distribution fees as of the Fund’s most recent fiscal year end. Management Fees have been restated to reflect current contractual fees. Other expenses include Dividends on Securities Sold Short Expense and Prime Broker Expense, which are incurred in connection with the Fund’s short sales of securities. The net expense ratio reflects a contractual commitment by the Fund’s investment adviser to waive fees and/or reimburse expenses through December 31, 2016. Absent the waiver and/or reimbursement, expenses would be higher and total returns would be less.

Load-waived (LW) Class A share star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms (e.g., plan participants of a defined contribution plan). Not all A share mutual funds for which Morningstar calculates a load-waived A share star rating may actually waive their front-end sales load. Absent the waiver, ratings may be lower. All of the funds above offer A shares at maximum sales charge which varies by fund; and I shares which have no sales charge. Ratings are for the share class cited only; other share classes have different performance and different Morningstar RatingsTM.

Before investing, carefully consider fund investment objectives, risks, charges and expenses. For this and other information that should be read carefully, please view the prospectus or summary prospectus.

NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE

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